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06/12/2012
Starbucks To Pay More Corporation Tax
Following the backlash when it was revealed how little it paid, coffee chain Starbucks has agreed to pay more UK corporation tax.
Managing director of Starbucks UK Kris Engskov announced that the company would pay "a significant amount of tax during 2013 and 2014, regardless of whether the company is profitable during these years".
The extra tax could amount to £20m over the next two years, he said.
Starbucks' announcement comes after much public anger over the revelation of how little corporation tax it pays in the UK, with some people saying they would boycott its outlets.
The company has paid just £8.6m in corporation tax in its 14 years of trading in the UK, and nothing in the last three years, despite UK sales of nearly £400m in 2011.
Starbucks admitted that the degree of hostility and emotion surrounding the tax issue had "taken us a bit by surprise" and that the move was an attempt to rebuild trust with its customers.
(H)
Managing director of Starbucks UK Kris Engskov announced that the company would pay "a significant amount of tax during 2013 and 2014, regardless of whether the company is profitable during these years".
The extra tax could amount to £20m over the next two years, he said.
Starbucks' announcement comes after much public anger over the revelation of how little corporation tax it pays in the UK, with some people saying they would boycott its outlets.
The company has paid just £8.6m in corporation tax in its 14 years of trading in the UK, and nothing in the last three years, despite UK sales of nearly £400m in 2011.
Starbucks admitted that the degree of hostility and emotion surrounding the tax issue had "taken us a bit by surprise" and that the move was an attempt to rebuild trust with its customers.
(H)
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